Global Retail Undervalued over 20% based on DCF

Sonic Automotive

Market Cap: US$2.6b

Operates as an automotive retailer in the United States.

Nojima

Market Cap: JP¥388.7b

Operates digital home electronics retail stores in Japan and internationally.

HORNBACH Baumarkt

Market Cap: €2.0b

Operates as a do-it-yourself (DIY) retail company in Germany, Austria, the Czech Republic, Luxembourg, the Netherlands, Romania, Slovakia, Sweden, Switzerland, and Serbia.

Dunelm Group

Market Cap: UK£1.6b

Engages in the retail of homewares in the United Kingdom.

K's Holdings

Market Cap: JP¥296.4b

Operates consumer electronics stores in Japan.

Lovisa Holdings

Market Cap: AU$2.6b

Engages in the retail sale of fashion jewelry and accessories.

Bic Camera

Market Cap: JP¥279.1b

Engages in the manufacture and sale of audiovisual products in Japan.

Grupo Gigante S. A. B. de C. V

Market Cap: Mex$29.8b

Operates convenience stores and restaurants in Mexico, Central America, and Chile.

Premier Investments

Market Cap: AU$2.4b

Operates various specialty retail fashion chains in Australia, New Zealand, Asia, and Europe.

Topsports International Holdings

Market Cap: HK$12.7b

An investment holding company, engages in the trading of sportswear products in the People’s Republic of China.

Wangfujing Group

Market Cap: CN¥10.7b

Engages in retailing business in China.

Suning.com

Market Cap: CN¥10.7b

Operates as a retail company in China.

PAL GROUP Holdings

Market Cap: JP¥253.9b

Engages in the planning, manufacture, wholesale, and retail of clothing products, including men’s and women’s clothing and accessories in Japan.

Zhongsheng Group Holdings

Market Cap: HK$11.9b

An investment holding company, engages in the sale and service of motor vehicles in the People's Republic of China.

United Electronics

Market Cap: ر.س5.5b

Engages in the wholesale and retail trade of electric appliances, electronic gadgets, computers and their spare parts and accessories, furniture, and office equipment and tools in the Kingdom of Saudi Arabia and internationally.

Seria

Market Cap: JP¥230.6b

Operates stores in Japan.

National Vision Holdings

Market Cap: US$1.4b

Through its subsidiaries, operates as an optical retailer in the United States.

Bilia

Market Cap: SEK 13.3b

Operates as a full-service supplier for car ownership in Sweden, Norway, Luxembourg, and Belgium.

BuySell TechnologiesLtd

Market Cap: JP¥215.2b

Engages in the reuse business for kimonos and branded items in Japan.

DCM Holdings

Market Cap: JP¥203.2b

Engages in the home improvement and e-commerce businesses in Japan.

Rusta

Market Cap: SEK 12.1b

Engages in the retail of products in home decoration, consumables, seasonal products, leisure, and Do It Yourself (DIY) categories in Sweden, Norway, Finland, and Germany.

Chongqing Chongbai Technology Group

Market Cap: CN¥8.4b

Chongqing Chongbai Technology Group Co., Ltd.

Izumi

Market Cap: JP¥197.9b

Operates general merchandise stores in Japan.

Universal Motors Israel

Market Cap: ₪3.6b

Imports, markets, and sells Chevrolet, Cadillac, AVIS, and Isuzu brand motor vehicles in Israel.

Daya Intiguna Yasa

Market Cap: Rp21.3t

Operates as a household appliance, furniture, stationery, electronic, and sport equipment retailer in Indonesia and internationally.

Hotel ShillaLtd

Market Cap: ₩1.8t

Operates as a hospitality company in South Korea and internationally.

Dogan Sirketler Grubu Holding

Market Cap: ₺54.6b

Engages in the electricity generation, industry and trade, automotive trade and marketing, finance and investment, internet and entertainment, and real estate investment businesses in Turkey.

Pets at Home Group

Market Cap: UK£798.7m

Engages in the omnichannel retailing of pet food, pet related products, and pet accessories in the United Kingdom.

Map Aktif Adiperkasa

Market Cap: Rp18.1t

Operates as a sporting goods retailer in Indonesia.

Moonpig Group

Market Cap: UK£694.2m

Operates as a data and technology platform for online greeting cards and gifting in the Netherlands, Ireland, Australia, the United States, and the United Kingdom.

Carreras

Market Cap: JA$141.3b

Carreras Limited markets and distributes cigarettes and nicotine products primarily in Jamaica.

Boozt

Market Cap: SEK 8.5b

Operates as an online retailer in Sweden, Denmark, Norway, Finland, Iceland, and rest of Europe.

ARKO Petroleum

Market Cap: US$871.5m

Operates as a fuel distributor in North America.

Jumia Technologies

Market Cap: US$784.0m

Operates an e-commerce platform in West Africa, North Africa, East and South Africa, Europe, the United Arab Emirates, and internationally.

Festi hf

Market Cap: ISK 96.8b

Engages in the retail sale of fuel, goods, groceries and related products, and electronic equipment in Iceland.

Happinet

Market Cap: JP¥123.0b

Operates as an entertainment trading company in Japan.